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Americas Recycled Plastics Market to Grow at 7.2% CAGR till 2027; High Demand for PET Plastic Worldwide to Positively Impact the Market

August 04, 2020 | Chemicals & Materials

The Americas recycled plastics market size is projected to reach USD 6,330.0 million by 2027 on account of heavy utilization of recycled plastics in food packaging applications, shares Fortune Business Insights™ in its report, titled “Americas Recycled Plastics Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene Terephthalate, High-Density Polyethylene, Polypropylene, Low-Density Polyethylene, and Others), Application (Packaging [Non-Food Packaging and Food Packaging], Construction, Automotive, and Others), and Country Forecast, 2020-2027”. According to the report, the market value stood at USD 3,834.8 million in 2019 and is expected to register a CAGR of 7.2% from 2020 to 2027.


The Americas recycled plastics market growth is likely to get subdued owing to the outbreak of the COVID-19 pandemic. The pandemic has forced governments across the two Americas to impose lockdowns, which has directly affected plastic waste collection. Moreover, lack of manpower at plants has slowed down the recycling processes, resulting in massive losses for companies.


Avangard Collaborates with Dow to Supply Recycled Plastics


In January 2020, US-based Avangard Innovative signed an agreement with the American chemical major, Dow, to supply the latter with post-consumer resin (PCR) plastic film. Dow aims at strengthening its portfolio of recycled plastics, which will further advance its goal of establishing plastic circularity and minimize plastic waste in the environment. The two companies intend on offering the first PCR-based products from Dow by the end of 2020 to end-users in North America, where the demand for sustainable plastics is rapidly rising. Dow also plans on developing low-density polyethylene (LDPE) and linear low-density polyethylene (LLDPE) from PCR using Artificial Intelligence (AI).


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/americas-recycled-plastics-market-103363


Environmental Disadvantages of Recycled Plastics May Slow Down Adoption


While plastic recycling is an effective way of reducing plastic waste and pollution, the process of recycling plastic products entails a few ecological disadvantages. For example, when used plastic is melted to get recycled, it releases volatile organic compounds (VOCs) which are known to be extremely harmful to the environment, and can cause long-lasting damage in human bodies. Furthermore, the heat required to carry out the melting procedures causes carbon emissions, which are known to have extensive and long-term impact on the environment. Lastly, once recycled, a plastic product can be rarely recycled again and is very likely to end up as waste after it has been used. These shortcomings are expected to affect this market during the forecast period.


Diversification through Collaboration to be the Key Strategy for Market Players


Competition in this market is being increasingly characterized by players entering into collaborations with each other to expand their presence in the market. More importantly, this strategy is proving mutually beneficial for the partnering companies are they are able to diversify their activities and operations in a collaborative manner. Furthermore, plastic waste management is becoming a serious issue worldwide and companies in the two Americas are capitalizing on the lucrative opportunities offered by this dire need.


Industry Development:



  • August 2019: Top Terra and Biocírculo, both Colombia-based companies, announced their partnership to develop a container made from 100% recycled plastic for Terra’s liquid detergent product. The collaboration is aimed at furthering circular plastic economy and bringing down level of plastic pollution in the country.


List of Key Players Profiled in the Americas Recycled Plastics Market Report:



  • UltrePET LLC (U.S.)

  • Delta Plastics (U.S.)

  • Clear Path Recycling, LLC (U.S.)

  • Green Line Polymers (U.S.)

  • B. Schöenberg & Co. (U.S.)

  • Plastipak Holdings (U.S.)

  • Biocirculo (Colombia)

  • Veolia (France)

  • Avangard Innovative (U.S.)

  • Ultra Poly Corporation (U.S.)

  • Fresh Pak Corporation (U.S.)

  • Suez Group (France)

  • Custom Polymers, Inc. (U.S.)


Further Report Findings:



  • The construction segment, which held a market share of 13.0% in 2019, is expected to display healthy growth in the coming years owing to rapid expansion of construction activities in Brazil, Peru, Argentina, and Colombia.

  • The US is anticipated to dominate this market share during the forecast period on account of large presence of plastic recycling companies in the country. In 2019, its market size stood at USD 1,862.2 million.

  • Policy measures to minimize adoption of single-use plastic in countries such as Chile and Peru will augur well for the market in Latin America.


Table of Segmentation:














































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Million)



Segmentation



Type; Application; and Geography



By Type




  • Polyethylene Terephthalate

  • High-Density Polyethylene

  • Polypropylene

  • Low-Density Polyethylene

  • Others



By Application


 




  • Packaging

    • Non-Food Packaging

    • Food Packaging



  • Construction

  • Automotive

  • Others



By Geography


 




  • U.S.

  • Canada

  • Brazil

  • Colombia

  • Chile

  • Peru

  • Rest of Americas


Americas Recycled Plastics Market
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  • 2019
  • 2016-2018
  • 167

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